At this event, Surjit Bhalla will be discussing from his recent book The New Wealth of Nations. He argues that today, over 70 per cent of the world’s middle class reside in the erstwhile poor countries; world income inequality is down to levels last observed in 1870; and that there has been a large reduction in absolute poverty. What accounts for such rapid development and catch-up? Surjit offers a short answer – the spread of education. Whilst acknowledging the advancements made by the developing world, The New Wealth of Nations also investigates the challenges for the explosion of education and technology, and why countries, rich and emerging, will have to explore options like basic income and negative income tax, so that a new welfare order, appropriate for the changed – and changing – 21st century can emerge.
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